Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/210249 
Year of Publication: 
2012
Series/Report no.: 
Staff Memo No. 11/2012
Publisher: 
Norges Bank, Oslo
Abstract: 
Norges Bank's Monetary Policy Report (MPR) 1/12 introduced amendments to the criteria for an appropriate interest rate path in order to explicitly take into account the risk of a buildup of financial imbalances. The monetary policy "loss function" used in model-based analyses was accordingly adjusted mainly in two ways: The weight on the output gap was increased and a weight on the deviation between the actual and the normal interest rates was added. We present both theoretical and empirical studies underpinning these changes.
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-666-0
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Research Report
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